Section 4
SEC. 4. Section thirty-eight of Act Numbered Twenty-three hundred and thirty-nine is hereby amended to read as follows: "SEC. 38. Liability in general to percentage taxes.—The percentage tax is due from those engaged in the businesses subject thereto when the amount of their receipts or the value of their sales, as the case may be, is two hundred pesos or more a quarter. All such persons are likewise subject to the fixed privilege tax payable in advance, imposed in section forty-five, subsection (p) hereof; but if at the end of the quarter it is found that the amount of a person's receipts or the value of his sales has reached the point which subjects him to the percentage tax, he will be allowed a credit equivalent to one quarter's fixed tax on the percentage tax due from him. In any case the amount of his business must be reported quarterly as required in the next succeeding section."